Forecasts for more hot, dry weather over much of the growing region helped triggered buying overnight, but not before futures softened on follow-through selling from Tuesday’s tepid close. Yesterday’s rally faltered after testing chart resistance that spurred profit taking. Storms are moving through parts of the parched northern Plains again this morning, but some of the latest maps are looking a bit wetter. Demand news is also in play: wheat saw some export interest overnight and news on ethanol production is due at 9:30 CDT.

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Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.